Articles Tagged withAnadarko Petroleum Corporation

Publicly available records indicate that a class action lawsuit has been filed on behalf of investors in Anadarko Petroleum Corporation (NYSE:APC) in connection to alleged violations of securities laws by APC. Fitapelli Kurta is interested in hearing from investors who have complaints regarding investments made in Anadarko Petroleum Corporation between February 17, 2016 and May 2, 2017.

The class action complaint specifically alleges that during the period in question, APC might have provided false and/or misleading material information, and/or failed to disclose adverse material information to the public, chiefly: that the company had insufficient safety and maintenance procedures governing certain of its vertical wells; that as a result of these inadequacies, the wells had a heightened risk of explosion; and that thus the company’s statements to the public were misleading and materially false during the relevant period. A home explosion close to an APC well killed two people and seriously injured a third on April 17, 2017; on April 26, the company announced it would cease operating 3,000 Colorado vertical wells in response to the explosion.

After this news came to light, APC declined $2.84/share, or 4.74%, from $59.96/share on April 26 to a close of $57.12/share on April 27. The Frederick-Firestone Fire Protection District announced on May 2, 2017 that a defective gas line at an APC well was connected to the explosion, with officials concluding that the gas line had not been disconnected from the well even though it was not actively being used. After this news came to light, APC fell $4.33/share, or 7.69%, from $56.28/share on May 2 to a close of $51.95/share on May 3, 2017.